Transcription of Cost Accounting Standards - CMS
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Cost Accounting Standards - CMS
Cost Accounting StandardsCost Accounting StandardsLarry CatonAcquisition Cost/Price Analyst2 Background Information1968 Congressional hearings raised concerns over the lack of cost control and consistency in Defense contract cost Accounting practices1970 Congress passed Public Law 91-379 which formed the Cost Accounting Standards Board (CASB), the CAS board functioned for a decade promulgating 19 Standards , and numerous interpretations1992 the Cost Accounting Standards (CAS) was recodified into the Federal Acquisition Regulation (FAR) and made applicable to all negotiated Government contracts3 Purpose of CASCost Accounting Standards (CAS) are a set of Standards that are designed to achieve uniformity and consistency in cost Accounting practices.
2. Background Information. 1968 Congressional hearings raised concerns over the lack of cost control and consistency in Defense contract cost accounting practices
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